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Are you looking to buy a new car or four wheeler for your personal or professional use? Or do you wish to buy a pre-owned car which is in good working condition? Well, buying a car is on everybody’s checklist in today’s times. It has become more of a necessity than a luxury. Having a car allows you to be independent to travel anywhere you want and at any time.
Tamilnad Mercantile Bank offers car loans with special features such as faster processing, simple documentation and manageable terms and conditions. A borrower can easily purchase new and used cars at comparatively lesser rate of interest.
CreditMantri’s car loan EMI calculator will guide you with the estimated monthly instalment payable towards loans that is provided by Tamilnad Mercantile bank under various schemes. This is an indicative estimate of the instalment amount and the actual figures may vary depending upon the interest rates prevalent from time to time.
Down Payment made by the borrower for the car of his choice also greatly affects the decision making process. The higher the percentage of loan margin paid by you, the lower the car loan amount. Which subsequently means that your repayment capacity is higher and the risks involved related to defaulting on the car loan is also low. Hence, the Bank will take a favourable decision on your car loan application.
It’s goodbye to standing queues for hours before you could get to an agent who would show you all the loan options available or you trying to work out EMIs with the help of a long formula. Now, it’s all just done by inputting basic information and then click on the ‘Calculate’ button.
Age is an important factor that affects the loan borrower’s chances of availing a car loan from Tamilnad Mercantile Bank. If the loan borrower is of an upper age limit, then he/she should fall within the age criteria set by the bank to be eligible for the car loan. This is because generally, older borrowers are a high risk factor in terms of income stability and repayment capacity so several banks hesitate from providing a loan to them.
The income of the borrower is important for the bank to determine if the EMI is going to be paid on time. If the customer doesn’t earn enough then his/her repayment capacity cannot be viewed under favourable light. The customer’s credit history is checked by the bank, along with the repayments that are due against his/her annual income. This will determine to the bank to arrive at an estimate of the individual’s repayment capacity and creditworthiness.
If the loan tenure is too long it means that the bank has higher probability of risk. The longer the tenure, the more difficult it is for the bank to pass the loan. However, a shorter tenure means faster repayment which means that the risk for the bank is much lesser. Shorter tenures make the customer an eligible loan borrower.
1. Which documents are required for a loan application?
2. Can I apply for a car loan for Karnataka bank from CreditMantri?
Yes, you can apply for a car loan for Tamilnad Mercantile bank from CreditMantri.
3. What are the main factors that affect interest rate?
Interest on car loan depends upon factors like down payment, loan tenure, credit report and your net income. A good credit score will also help you to avail a better loan amount.
4. Why is using CreditMantri Car Loan EMI calculator better than calculating the EMI manually?
The EMI calculator eliminates the complications that come with calculating the EMI manually and it is definitely less time consuming.
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